Research Dissemination Policy

Research reports are disseminated either through electronic medium or in printed copy.  Clients may access historic reports on our website, or receive publications directly via internet email.  Haywood strives to ensure all clients receive research in a timely manner and at the same time.  It is against our policy for analysts to discuss or circulate their recommendations internally prior to public distribution. This policy applies equally to recommendation changes, target changes and/or forecast revisions.

Any Haywood employee with knowledge of the intended distribution of a research report that includes a new recommendation or a change in recommendation or target price, is restricted from trading securities of the issuer until such time as our clients have been provided the opportunity to receive, digest and potentially act on the information (generally one trading day).  This temporary "pro" restriction does not prevent an Investment Advisor from offering recommendations to clients.

Each company within an analyst’s universe, or group of companies covered, is assigned: (i) a recommendation or rating, usually BUY, HOLD, or SELL; (ii) a 12 month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; (iii) an overall risk rating which represents an analyst’s assessment of the company’s overall investment risk; and (iv) specific risk ratings or risk profile parameters which in their aggregate support an analyst’s overall risk rating.  These ratings are more fully explained below. Before acting on our recommendation we caution you to confer with your Haywood investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance and investment time horizon.

Investment Ratings  - Recommendations

Haywood's recommendation categories include the following:

Buy

The analyst believes that the security will outperform other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.

Hold

The analyst believes that the security is expected to perform in line with other companies in their sector on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating.

Sell

Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating.

Tender

The analyst is recommending that investors tender to a specific offering for the company's stock.

Research Comment

An analyst comment about an issuer event that does not include a rating.

Coverage Dropped

Haywood Securities will no longer cover the issuer. Haywood will provide notice to clients whenever coverage of an issuer is discontinued. The termination of coverage will not occur unless clients have been provided with advice relating to positions they may still hold, such as a recommendation to sell their securities.

Under Review

Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock will be placed Under Review when the relevant company has a significant material event with further information pending or to be announced.  An analyst will place a stock Under Review while he/she awaits sufficient information to re-evaluate the company's financial situation.

The above ratings are determined by the analyst at the time of publication. On occasion, total returns may fall outside of the ranges due to market price movements and/or short term volatility. At the discretion of Haywood's Management, these deviations may be permitted after careful consideration.

The following table represents the percentage of recommendations in each rating for companies that are currently under coverage by Haywood's research department and the percentage of companies according to rating under Haywood's coverage that have been provided Investment Banking Services over the past 12 months.
 

Distribution of Ratings IB Clients
% # (TTM)
Buy 75.0% 66 87.5%
Hold 10.2% 9 4.2%
Sell 0.0% 0 0.0%
Tender 0.0% 0 0.0%
UR (Buy) 2.3% 2 4.2%
UR (Hold) 0.0% 0 0.0%
UR (Sell) 0.0% 0 0.0%
dropped (TTM) 12.5% 11 4.2%


This statistical representation of our ratings distribution will be updated on a quarterly basis.  The statistics presently displayed represent our coverage as of November 23, 2016.


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